Obama Budget Would Cut $40 Billion in Fossil-Fuel Credits

BLOOMBERG - President Barack Obama, who pledged an “all of the above” energy strategy that included fossil fuels, renewed his proposal to cut more than $40 billion in tax breaks for oil, gas and coal producers in the next decade to spend more for conservation and alternate energy.

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“We need to reduce our dependence on foreign oil by ending the subsidies for oil companies and doubling down on clean energy that generates jobs and strengthens our security,” Obama said today in a speech on at Northern Virginia Community College in Annandale, Virginia.